The grip of Binance on Bitcoin trading outside the U.S. is slipping away as other exchanges expand and rules change. Kaiko's data shows Binance's share of Bitcoin trading fell from 81.3% to 55.3% in the last year. The same goes for smaller tokens and altcoins, dropping from 58% to 50.5%. This shift is partly because Binance stopped its big zero-fee promotion last year. Smaller exchanges like Bybit and OKX are gaining ground, with Bybit’s share jumping from 2% to 9.3%, and OKX’s from 3% to 7.3%.

These changes come amidst Bitcoin's fourth halving event, which had a mixed short-term impact. Bitcoin rose slightly, over 3%, since the event, but historical data shows that its long-term outlook remains positive. Following the halving, Bitcoin network fees hit a record high of $146, surpassing Ethereum’s fees of $3. Bitcoin perpetual contracts saw neutral funding rates, with open interest exceeding $10 billion.

Binance, facing legal issues, is trying to rebuild its reputation. Its co-founder pleaded guilty to U.S. anti-money laundering breaches, and the exchange is now led by Richard Teng, a former Singaporean regulator. They're working on stricter listing criteria and forming a board of directors to improve their image under U.S. regulatory scrutiny.

Despite rising tensions in the Middle East, Bitcoin hasn’t seen a significant influx of investors seeking a safe haven. Its value dropped by 6% in April, while traditional safe-haven assets like gold and the U.S. dollar surged. Kaiko suggests that the halving might have caused this, as it usually leads to short-term volatility. But there are many factors affecting Bitcoin's performance during big market events.

In conclusion, Binance's dominance in Bitcoin trading outside the U.S. is waning, with smaller exchanges gaining momentum. Bitcoin's recent halving had a mixed impact, and Binance is working on its reputation amidst legal challenges. Despite global tensions, Bitcoin's appeal as a safe-haven asset remains uncertain.